Cyprus Approves Casino Legislation

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Lawmakers in Cyprus approved enabling legislation for the Greek republic’s nascent casino industry.

Winning bidders for a license are said to include a consortium consisting of Hard Rock (Las Vegas) and Melco International Development Limited (Macau); Philippine operator Bloomberry; and Cambodia’s NagaCorp.

The consortium revealed that it proposed to invest €1.15 billion, whereas the three candidates said to still be in the running would be spending €425 million and €250 million.

The winner will be announced in September.

But already a failed bidder is questioning the process and the role of Cyprus President Nicos Anastasiades.

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